The parent company of Heron Foods, B&M, has revealed when its chief executive Simon Arora will step down later this month.
Arora has led the discount retailer for almost two decades and is now leaving his role on September 26, the date which was announced by the listed company after his departure was first revealed in April.
He will remain on the board as an executive director until the end of his notice period in April 2023.
As a result, B&M has confirmed that Tiffany Hall, who is currently a non-executive director and chair of the Remuneration Committee, will become senior independent director.
B&M operated 21 stores when it was acquired by brothers Simon and Bobby Arora in December 2004. Since then, it has grown into a group of over 1,100 stores across the UK and France and is now a constituent of the FTSE 100 index.
The news comes as UK sales have soared for convenience retailer Heron Foods – which is owned by B&M Group – as shoppers migrate towards discount stores while supermarkets compete to keep prices low.
The food and convenience arm of B&M Group saw its sales increase by 11% in the 13-week period to 25 June 2022, rising from £102 million to £113 million.